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Amongst the units purchased by non-Singaporean buyers so far, half were completed units and half were uncompleted.
The private residential market was surprisingly resilient, despite the circuit breaker from 7 April to 1 June 2020 and the economy only able to reopen in phases, chalking up 3,862 primary sales and 3,071 secondary sales with prices falling by a slight 0.7% in the first six months of 2020, according to Knight Frank. In addition, it was a testament to the strength of the market when the URA Private Residential Price Index rose by 0.3% in Q2 2020, in a time when viewings were not allowed and showflats were closed for more than two months. During this period, most of the buyers were Singaporean. So where have the foreign homebuyers gone?
Nowhere really... Leonard Tay, Head of Research, Knight Frank Singapore, says foreign homebuyers comprising both Singapore permanent residents and foreigners made up 18.3% of purchases in Q2 2020, a marginal drop of 1.9 percentage points over a 20.2% composition in Q1 2020. And this, at a time when hardly any cross-border travel was allowed. Taking into consideration that the proportion of foreign homebuyers made up 19.9% of all private home sales in all of 2019, Q2 2020’s 18.3% is also not too far off when compared to a year where market conditions were considered normal.
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